Ann: Interim Financial Report - 30 June 2018, page-4

I agree we can’t do much more than wait. No downside from this price you would hope. I’d like to know who is selling at these low levels. Some of the things that could be happening, just hypothetical:
- are they stuck between ASX and TSX sentiment. Seems they’ve lost buying support on ASX with those horrible options but this is not yet replaced by the TSX brokers ?? Are they wait for listing, what’s happening ?
- the PEA might highlight large capex whereas some might want XAM to stay an exciting exploration story with prospect of takeover looming.
- will the PEA say something we don’t already know in that more grade is required. Ie are we going early with study as a bluff. Ok on balance I think as it should help quantify job ahead of us,
- expect many more tonnes in the resource but at same sort of grade plus or minus. Too low. I feel they may try to beef it up a bit by using starter pit model around those previously discovered high grade shallow cores.
- that govt coal company float might help, can’t remember name. But good news if this gets away
- ambivalent on director buying since last post as it’s not significant part of net worth or salary plus average entry prices much lower given employees shares. Can’t hurt but neutral.
- market in my golds and coppers is woeful as a rule. XAM caught up in this and sort of lucky or smart to raise when they did.
- I see June 30 cash balance is good so got time.
- I wouldn’t mind them getting some majors on the register like SolGold.

Going to put in bottom draw and look at end of year. Worst case is drift sideways but best case is a surprise. At the moment though I see no reason to buy or sell and I’m patient.